Wal-Mart CEO Sees 'Fundamental Change' in Consumer Habits

3 Minute Ad Age: Jan. 13, 2009

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NEW YORK (AdAge.com) -- Consumers, particularly younger ones, who are seriously cutting back spending during the current economic downturn may be establishing new patterns of frugality that will live on after the recovery. That was one of the concerns of Wal-Mart CEO Lee Scott, who yesterday kicked off the National Retail Federation's annual convention in Manhattan. His candid comments come just weeks before he is scheduled to step down as CEO.

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